The Editorial Team |

Nigeria’s Central Bank Seen Loosening Stranglehold on Currency

LAGOS, Nigeria, Capital Markets in Africa: Nigerian policy makers may be about to loosen their stranglehold on the nation’s currency. The central bank of Africa’s biggest economy will decide Tuesday on whether to adjust borrowing rates as evidence mounts that a recession is looming. Barclays Plc, Goldman Sachs Group Inc. and Renaissance Capital Ltd. are among banks predicting it will also carry out a de facto devaluation of the naira, or even a gradual removal of capital controls that have…

South Africa | PIC in Talks to Create Group to Bid for Barclays Africa Stake

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Johannesburg, South Africa, Capital Markets in Africa: The Public Investment Corp., Africa’s biggest fund manager, said it’s forming a group of black investors to buy a stake in Barclays Africa Group Ltd. in a bid to ensure the bank comes back under the control of South Africans. “There are discussions with institutional investors managing black money, such as pension funds,” Dan Matjila, head of the Pretoria-based PIC, said by phone on Monday. As yet it’s difficult to say how…

Nigeria’s Stocks Enter Bull Market Even as Economy Contracts

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LAGOS, Nigeria, Capital Markets in Africa: Nigerian stocks entered a bull market as investors bought equities in anticipation of a currency devaluation that would boost share prices, even as data showed Africa’s biggest economy is in danger of a recession. The Nigerian Stock Exchange All Share Index closed at 27,129.41 on Friday, more than 20 percent above a three-year-low in mid-January. The measure fell for the first time in four days on Monday, dropping 0.6 percent to 26,978.6…

South Africa Prosecutor Plans to Appeal Zuma Graft Case Ruling

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Johannesburg, South Africa, Capital Markets in Africa: South Africa’s National Prosecuting Authority said it will ask for permission to appeal the High Court’s ruling that found that its decision to drop a corruption case against President Jacob Zuma seven years ago was wrong. The request to have the Supreme Court of Appeals review the judgment, which opened the way for 783 charges to be reinstated against Zuma, was because of legal reasons and hadn’t been discussed with Zuma’s…

Crude Falls as Canada to Resume Oil-Sands Output After Fires

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LAGOS, Nigeria, Capital Markets in Africa: Oil dropped for a fourth day as producers in Canada worked to resume operations after wildfires and Iran continued to raise exports. July crude fell as much as 2.1 percent. Cooler weather is helping to control a blaze in Canada’s oil-sands region and allowing Suncor Energy Inc. and Syncrude Canada Ltd. to start getting back to work. Iranian exports could surpass 2.2 million barrels a day by midsummer, the state oil company told…

Market Watch | Tech Stocks Lead Emerging Markets Higher, Hungary Bonds Advance

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LAGOS, Nigeria, Capital Markets in Africa: Technology companies led emerging-market stocks higher for a second day while declines in oil and metal prices dragged down energy shares. Brazil’s real and South Africa’s rand led currencies of commodity-producing nations lower while Hungarian bonds advanced after the country was raised to investment grade by Fitch Ratings. The Taiex index led advances as Apple Inc. vendors such as Taiwan Semiconductor Manufacturing Co. surged on reports production is gearing up on…

MTN Slumps After Nigeria Suspends Talks on $3.9 Billion Fine

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Johannesburg, South Africa, Capital Markets in Africa: MTN Group Ltd. shares fell after Nigeria suspended talks about a $3.9 billion fine on the South African mobile-phone company while the country’s House of Representatives completes an investigation into the nature of the penalty. The stock declined as much as 2.9 percent, the most since May 12, and traded 1.5 percent lower at 126.50 rand as of 10:23 a.m. in Johannesburg, valuing the company at 233 billion rand ($15 billion)….

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